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LIVE stream between Brad Garlinghouse and the CEO of SWIFT

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Fascinating discussion. It's interesting to hear SWIFT's take on the future of payments, especially since I think they are deluded in their assertion that blockchain technology is still a way off yet. Have they not realised that a number of companies are already adopting it for their payments and it's only a matter of time before banks are forced into making the change themselves? Nothing was ever built from a place of comfort; SWIFT have been shoved out of their comfort zone and their response was GPI... not going to cut the mustard in the long run.

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6 minutes ago, Naimless said:

Fascinating discussion. It's interesting to hear SWIFT's take on the future of payments, especially since I think they are deluded in their assertion that blockchain technology is still a way off yet. Have they not realised that a number of companies are already adopting it for their payments and it's only a matter of time before banks are forced into making the change themselves? Nothing was ever built from a place of comfort; SWIFT have been shoved out of their comfort zone and their response was GPI... not going to cut the mustard in the long run.

They’re probably right. Until the regulatory landscape is clear, it’s going to be difficult for XRapid to gain significant traction. Long term we know what’s coming, but my hunch is that it will take longer than we’d like. 

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17 minutes ago, Naimless said:

Fascinating discussion. It's interesting to hear SWIFT's take on the future of payments, especially since I think they are deluded in their assertion that blockchain technology is still a way off yet. Have they not realised that a number of companies are already adopting it for their payments and it's only a matter of time before banks are forced into making the change themselves? Nothing was ever built from a place of comfort; SWIFT have been shoved out of their comfort zone and their response was GPI... not going to cut the mustard in the long run.

Gottfried is payed by the banks of the consortium to defend the Nostro/Vostro relationships because the big banks are in charge of those accounts around the world. They make a boatloads in fees from those relationships.  Regulations are needed, but these banks do have hard hitting lobbyists in every government around the world.

SBI seems to be at the forefront of the disruption currently, and the R3 POC announcement looks like a way for SBI to poke the bear in order for it to come out of the cave and into the open.

Edited by mandelbaum

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2 minutes ago, mandelbaum said:

Gottfried is payed by the banks of the consortium to defend the Nostro/Vostro relationships because the big banks are in charge of those accounts around the world. Regulations are needed, but these banks do have hard hitting lobbyists in every government around the world.

Sure, but those banks won't be the first adopters. It will start with the smaller banks who are currently forking out to these bigger banks for their correspondent banking. Give them an option that's cheaper and faster, once properly regulated, and I think we'll start to see some movement.

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Beside the R3 integration, there was still one interesting answer given.

Most interesting question to SWIFT was: "Why not using Ripples tech to do what GPI is providing? And it was said that they were evaluating blockchain vs GPI-API with 40 banks outside IBM (it was IBM right?). On the end they were not clear of advantages giving the migration costs vs GPI. It works, for sure, it was much easier but no cost advantages on the end. See time line at 11:15.

The cons from Brad in short : SWIFT controlled API, central database for traceability, internet of value are not only the banks. One way messaging system. Time advance.

In my opinion this video shows, that Ripple has better technology but there is still a long way for catching the banks and customers and expanding the system. It also looks like they are both talking always of connection internal bank systems together to a bigger networks. Time will show how it works out. Have you caught the numbers Gottfried was talking about? 400 banks, 60 at top of all, GPI rolled out in Australia and now connecting to other countries... at least he stated some facts.

But bringing it down to Twitter level: The SWIFT CEO used the word "XRP". We moon!

Electronic handshakes

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I have not seen the end of the stream yet but the guy who provided the live stream tweeted this. I guess they were just joking around in the end of the panel (?)

Small connection problem but I assure you it was the end. Elizabeth explained that Gottfried was leaving SWIFT in a few weeks, @bgarlinghouse then said that was @Ripple recruiting right now and Gottfried replied "We will see you again"

 

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1 hour ago, mandelbaum said:

Swift is announcing interoperability POC with R3 later today (around 8 minutes in). That is quite the revelation.

Good find! Even Coindesk reported the same in below and they also emphasized that Corda Settler supports XRP. :smoke:

https://www.coindesk.com/swift-chief-announces-integration-with-r3-at-paris-fintech-forum

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